Terra Price Analysis: LUNA Coin Price tries to break the USD 35.7 support level

  • The RSI shows a steady bearish divergence in relation to the LUNA coin price
  • The LUNA / BTC pair traded at 0.000739 BTC, with a loss of 3.39%.
  • The 24-hour volume of the LUNA coins is $ 1.56 billion

The rally of the LUNA coin was heavily rejected by the $ 45 mark on September 11th, causing a minor retracement on its chart. Additionally, the price is showing multiple failed breakthroughs from the next $ 35.8 support indicated by long wick candles. However, the bears are in no mood to stop and today price is attempting to break that support again, which coincides with the 0.236 FIB level. The current price of the LUNA Coin is 34.76 with an intraday loss of 7.16%.

In relation to the EMAs, LUNA price has a solid bullish bias, with the price trading higher than all major EMAs (20, 50, 100 and 200). With the price also offering a small pullback, the 20 EMA will be the EMA’s first line of defense for the coin bulls.

The RSI (BULLISH) reading is 74, which indicates a bullish sentiment within the LUNA coin. However, the RSI is showing a strong bearish divergence in relation to the coin’s price movement.

The LUNA coin was hovering above the $ 35 support.

The LUNA coin has hovered above the $ 35 mark for the past few days, trying to get reasonable support from that level. This swaying motion has created a small span that is shown in their diagram. Now the price is currently trying to break the $ 35 support. The crypto traders can wait for a proper retest to confirm this breakdown.

The MACD indicator (NEUTRAL), which indicates that the MACD and the signal lines are exactly in the neutral zone (0.00), indicates a neutral sentiment in the coin. However, the lines of the indicator, which are also showing a break from the middle line, will give more confirmation of a decline.

Diploma: The price action and indicators for LUNA coins suggest a bullish outlook, which is a great opportunity for trend traders looking for long opportunities in this coin. Therefore, as mentioned above, the price is going through a small retracement period and if it manages to stay below the broken level, the next strong support for the coin bulls will be at USD 30.8.

Support: $ 30.58

Resistance $ 35

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